USDCAD approaching resistance, potential drop!

٣ مايو ٢٠١٨

Price is approaching our first resistance at 1.2896 (horizontal swing high resistance, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 1.2816 (horizontal swing low support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.